Raspberry Pi Chooses London Stock Exchange for Listing, Breaking Trend of US Preferences for British Tech Companies

In a significant win for the London stock exchange, British PC manufacturer Raspberry Pi has announced its intention to float on the exchange. This follows a string of high-profile British companies opting for listings in the US instead, including Arm Holdings and bookmaker Flutter Entertainment. Raspberry Pi, which produces low-cost computers for industrial IoT, educational and hobbyist use, revealed plans to publish a registration document with the London Stock Exchange. The company, which is owned by a charitable foundation, is aiming for a market value of up to £500m ($630m). Revenue hit $265.8m last year, generating an adjusted EBITDA of $43.5m. Raspberry Pi had previously considered floating in early 2022 and has since attracted investment from Arm Holdings and Sony’s semiconductor division. Its valuation stood at around $560m following the latter’s investment. Reports suggest the company could raise around £100m ($129m) through the IPO. CEO Eben Upton described the move as “an exciting next step for Raspberry Pi” and added that the charitable foundation would remain the “patient and supportive shareholder”. The London stock exchange has struggled in recent months, accounting for just over 2% of the $11.9bn raised through European IPOs this year, according to Bloomberg figures. Many British tech firms favour New York listings due to perceived higher valuations.